You saw the convoluted data from the Labor Department this morning with reports that unemployment magically went down to 9.4% and with 103,000 added to the non-Farm Payrolls. This morning brought on additional data from Ben Bernanke as he testified before a Senate Budget panel. The economic recovery is continuing, but there is little hope of a great return of jobs.
Bernanke noted that the recovery is expected to be stronger in 2011 than in 2010. Here is the depressing quote:
- “most participants expected the unemployment rate to be close to 8 percent two years from now. At this rate of improvement, it could take four to five more years for the job market to normalize fully.”
As far as the rest, you probably know it. Here is the transcript of Bernanke’s prepared remarks.
Fun times! Real fun…
JON C. OGG